Owens Corning Inc to Post FY2017 Earnings of $4.28 Per Share, Jefferies Group Forecasts (OC)
Owens Corning Inc (NYSE:OC) – Analysts at Jefferies Group boosted their FY2017 EPS estimates for Owens Corning in a note issued to investors on Thursday. Jefferies Group analyst P. Ng now anticipates that the construction company will post earnings per share of $4.28 for the year, up from their previous forecast of $4.25. Jefferies Group currently has a “Buy” rating and a $82.00 target price on the stock. Jefferies Group also issued estimates for Owens Corning’s Q1 2018 earnings at $1.05 EPS, Q2 2018 earnings at $1.52 EPS, Q3 2018 earnings at $1.42 EPS, FY2018 earnings at $5.25 EPS and FY2019 earnings at $6.14 EPS.
Owens Corning (NYSE:OC) last released its earnings results on Wednesday, July 26th. The construction company reported $1.20 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.12. The company had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.48 billion. Owens Corning had a return on equity of 11.12% and a net margin of 6.61%. Owens Corning’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.29 earnings per share. ILLEGAL ACTIVITY WARNING: This piece of content was originally posted by American Banking News and is owned by of American Banking News. If you are accessing this piece of content on another domain, it was illegally copied and republished in violation of U.S. and international trademark & copyright law. The legal version of this piece of content can be viewed at https://www.americanbankingnews.com/2017/10/20/owens-corning-inc-to-post-fy2017-earnings-of-4-28-per-share-jefferies-group-forecasts-oc.html.
Several other brokerages also recently weighed in on OC. SunTrust Banks, Inc. reaffirmed a “hold” rating on shares of Owens Corning in a research report on Tuesday, September 12th. BidaskClub raised Owens Corning from a “sell” rating to a “hold” rating in a research report on Friday, August 25th. Stifel Nicolaus reaffirmed a “buy” rating and set a $83.00 price target on shares of Owens Corning in a research report on Friday, September 1st. KeyCorp reaffirmed an “overweight” rating and set a $75.00 price target (up from $70.00) on shares of Owens Corning in a research report on Monday, June 26th. Finally, Citigroup Inc. raised Owens Corning from a “sell” rating to a “neutral” rating and set a $69.00 price target on the stock in a research report on Friday. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $74.32.
Owens Corning (NYSE:OC) traded up 1.01% during trading on Friday, reaching $80.04. The company had a trading volume of 85,941 shares. The stock has a 50 day moving average price of $76.97 and a 200 day moving average price of $67.61. Owens Corning has a 52 week low of $46.45 and a 52 week high of $80.23. The firm has a market capitalization of $8.90 billion, a P/E ratio of 22.99 and a beta of 1.05.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in OC. BlackRock Inc. lifted its stake in Owens Corning by 4,010.8% in the 1st quarter. BlackRock Inc. now owns 6,496,203 shares of the construction company’s stock worth $398,669,000 after purchasing an additional 6,338,177 shares in the last quarter. PGGM Investments acquired a new stake in shares of Owens Corning during the 2nd quarter worth approximately $26,366,000. Boston Partners acquired a new stake in shares of Owens Corning during the 2nd quarter worth approximately $26,195,000. FMR LLC increased its holdings in shares of Owens Corning by 118.4% during the 2nd quarter. FMR LLC now owns 572,911 shares of the construction company’s stock worth $38,339,000 after buying an additional 310,559 shares during the last quarter. Finally, LSV Asset Management increased its holdings in shares of Owens Corning by 21.2% during the 2nd quarter. LSV Asset Management now owns 1,680,100 shares of the construction company’s stock worth $112,432,000 after buying an additional 294,400 shares during the last quarter. 96.76% of the stock is currently owned by institutional investors and hedge funds.
In related news, VP Kelly Schmidt sold 1,462 shares of the firm’s stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $70.35, for a total value of $102,851.70. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Brian Chambers sold 16,600 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $67.18, for a total transaction of $1,115,188.00. Following the completion of the transaction, the insider now directly owns 39,957 shares in the company, valued at $2,684,311.26. The disclosure for this sale can be found here. Insiders sold a total of 212,866 shares of company stock worth $15,644,970 over the last ninety days. 1.80% of the stock is currently owned by corporate insiders.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 2nd. Investors of record on Monday, October 16th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date of this dividend is Friday, October 13th. Owens Corning’s dividend payout ratio is presently 23.05%.
About Owens Corning
Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.
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